Reply to crude tax question - if you are renting out your home for less than your mortgage...

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here, thanks.  We make 200K HHI. Can we still deduct the mortgage interest and claim the depreciation?[/quote]
Those assholes will sure as hell increase FICA with inflation but won't adjust deduction created in the 80s. Not sure why no one has pushed for them to increase the limit to the 300k limit like they have done with deductions.

"The $25,000 allowed passive loss is phased out if your modified adjusted gross income is between $100,000 and $150,000. You lose $1 of deduction for every $2 your income goes above $100,000."

[/quote]

Passive loss and mortgage interest deduction and depreciation on rental property are not the same thing.  My income is way above $200k and we can deduct the mortgage interest on our second house.  Yes it will be reduced starting in 2012, but that doesnt kick in until income is over $300k.

OP, turbo tax will walk you through the rental property tax situation.  More reliable than advice here if you can't afford a tax advisor.  You can deduct your expenses associated with renting - maintenance, commissions, etc. - so keep track of all that.[/quote]

He's renting at a loss so he can't claim it as a second home.[/quote]

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